SEOUL, Jan. 14 (Yonhap) -- Solus Advanced Materials Co., a South Korean battery foil maker, said Friday it has received a 24 million-euro(US$27.5 million) state incentive from Hungary to boost its production line there.
The incentive, which was recently approved by the European Commission, will be provided by the Hungarian government in cash over the next two years until 2023, the company said.
Solus Advanced Materials, formerly known as Doosan Solus, said it will spend the money to build its second factory with an annual production capacity of 23,000 tons.
It plans to boost its production capacity in Europe to as much as 100,000 tons a year by 2026, the company added.
Budapest has provided Solus with various incentives and tax benefits, worth about 17.6 million euros, for its first battery foil factory in Hungary.